Home sales in Wisconsin increased 10.8 percent in January, compared to January of 2011, but prices continued to fall with a 7 percent decrease to an average of $119,500, according to the Wisconsin Realtors Association.
“Last year, just over 5 percent of home sales took place in January, which is about right for what is usually the slowest month of the year for sales volume,” said Rob Keefe, chairman of the WRA board of directors. “While we wouldn’t want to draw too many conclusions from strong January sales figures, it is encouraging to see some of the strong growth patterns of the last three months continue into 2012.”
The inventory of unsold homes continues to decline and is now at 11.8 months.
“In the 20 months that we’ve tracked this measure, this is the first time we’ve been below 12 months, which is a good sign,” said WRA president and CEO, Michael Theo. “In a balanced market, we see about six months of unsold inventory, so this is still very much a buyer’s market. There are some incredible deals for buyers who can obtain credit, and anyone even remotely considering a home purchase will find great opportunities in this market.”
